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← Children's University Trust

2024-03-31-accounts

Company number: 6018900 Charity Number: 1118315 (England and Wales) SC052423 (Scotland)

Children's University Trust

Report and financial statements For the year ended 31 March 2024

Children’s University Trust

Reference and administrative information

for the year ended 31 March 2024

Company number 6018900

Charity number 1118315 (England and Wales)

SC052423 (Scotland)

Registered office and operational address c/o Slade & Cooper Limited, Beehive Mill, Jersey Street, Manchester M4 6JG

Operating as

Children’s University

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Ms Jackie Dunne Chair Ms Janet Wilkinson Ms Louise Richmond Ms Natasha Blunt Mr Peter Beddows Ms Tania Hardcastle Ms Vicky Charles

Key management Mrs Helen O’Donnell Chief Executive & Director of Partnerships personnel (Resigned 15[th] Dec 23) Company Secretary Mrs Sonjia Peers Chief Executive (Appointed 15[th] Jan 2024) Company Secretary Bankers Barclays Bank plc 93 Baker Street, London, W1A 4SD

Yorkshire Bank Nottingham B & P B 11A Smithy Row Nottingham, NG1 3EJ

Solicitors Wrigleys Solicitors LLP 3rd Floor, 3 Wellington Place, Leeds, LS1 4AP

Independent Catherine Hall FCCA DChA, Slade & Cooper Limited examiner Beehive Mill, Jersey Street, Manchester M4 6JG

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Children’s University Trust

Trustees’ annual report

for the year ended 31 March 2024

The Trustees present their report and the unaudited financial statements for the year ended 31 March 2024. Included within the Trustees’ report is the directors’ report as required by company law.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and Aims

The objects of the Charity are:

In furtherance of these objects Children’s University Trust aims to inspire and support all children and young people, but particularly those who need it most, to discover innovative and high-quality learning activities outside the normal school day, which boost their self-confidence and love of learning. The Trust’s vision is a world where every child has equal opportunity to unlock their full potential.

Its mission is:

The Trust encourages all children from age 5 to try new experiences, develop new interests and acquire new skills, using a Passport to Learning to record their experiences of learning beyond the classroom and work towards Children’s University awards.

In carrying out its charitable objectives, Children’s University Trust aims to ensure that every child feels:

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Trustees’ annual report

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The Trust’s ongoing aims for Children’s University are:

The Trust is particularly concerned with making learning beyond the classroom provision available to children from socio-economically-disadvantaged areas through its work with both partner organisations, alliances, and funders.

Children’s University Trust works through a member network of local Children’s Universities across the UK and with a wide range of organisations at a local, regional, and national level. These local structures and partnerships, ensure that access to and provision of learning opportunities reflect the local geographic, education and economic context. Children’s University Trust remains responsible for the overall strategic direction of Children’s University and the charitable aims and objectives that underpin the work of the whole network. In addition, Children’s University Trust is responsible for providing to the network:

Children’s University partners range from HE/FE widening participation teams, school clusters and academy chains to individual schools, community interest companies/social enterprises, charities, and Local Authorities. All local partnerships and collaborations encourage, recognise, track, and celebrate learning that happens beyond the classroom that is optional, chosen by the child, fun and enriching.

Each local Children’s University works to achieve the objectives of Children’s University Trust; striving to ignite a passion for broad and informal learning among children which builds their self-esteem and character, raises their aspirations to fulfil their potential for the future and ensures that, regardless of their background, they can have the same opportunities and entitlement to access an array of enriching learning. The Children’s University network ensures that all children taking part in Children’s University, are recognised for the commitment they make to informal learning, are aware of the variety of opportunities available to them and have the confidence to access and make the most of them.

The Trustees of Children’s University Trust review these aims, objectives and activities every year. This annual review helps the Trustees ensure the Charity's aims, objectives and activities remain focused on its stated purposes. The Trustees refer to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and

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Trustees’ annual report

for the year ended 31 March 2024

objectives that have been set. In March 2023, the Trustees approved a revised 3-year Strategy with associated Key Performance Indicators (KPIs) to take it through to 2026 focused on enabling the charity to scale, grow its membership and extend its reach and impact even further. This strategy aims to help the Charity progress its vision and mission and achieve its desired outcomes for children from 2023 to 2026. The Charity’s 2023-2026 Strategy focuses on 4 key pillars; Reach, Inclusivity, Credibility, and Financial Sustainability.

Achievements and performance

In the financial year under review, we said goodbye to Helen O’Donnell after 8 years as the Chief Executive in December 2023 and welcomed Sonjia Peers in January 2024. We saw the departure of our Evaluation and Quality Manager in April 2023 and our Digital and Inclusion Manager go on maternity leave in November 2023, reducing the Trust team to three FTE for 6 months of the year. The Charity's main activities and who it tries to help are described below. All its charitable activities focus on children and young people from age 5 and are undertaken to further the mission and objectives of Children’s University Trust.

Member Network

Through a long-established network of our members, we continue to coordinate these activities across 79 Local Education Authority areas, working with 1,000+ schools and engaging over 80,000 children and young people. We validate and quality assure activities (22,000+ over 60% of which are free to access) which must include elements of learning and take place either in school, but out of classroom time, within local communities, universities, other destinations, clubs and a variety of other public venues. In the year we have sadly seen the departure of some members where funding has been the main barrier to retaining their membership and also brought on board new members. However, against this changing backdrop we have continued to provide:

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Future areas of focus will be to connect with and build sustainable partnerships, to bring onboard and work collaboratively with new members, in areas including, County Durham, Darlington, Derby, Derbyshire, Manchester (central), North Northamptonshire, Portsmouth, South Tyneside, Sunderland and Swindon (these are the remaining Levelling Up Areas).

Education Endowment Foundation (EEF) – Effectiveness Trial

At the start of the 2023/24 financial year, we entered the final 4 months of the EEF trial with participating schools and their pupils. A total of 164 schools (81 intervention and 83 control) took part in the trial of Children’s University.

The trial was developed to consider the impact of Children’s University on pupils in:

Additional analyses will consider:

A process and cost evaluation alongside, will ask:

The trial ended in July 2023 and data collection for the study is complete. We are now waiting to receive the draft evaluation report from National Foundation for Educational Research (NFER) following their analysis and once the report has undergone a peer review and developer review it will be published. We anticipate this to be at the end of 2024.

Anglo American Woodsmith Project

In the financial year under review, Children’s University Trust, in partnership with Anglo American, successfully launched the Etc Programme (a rebranded model of Children’s University Online) During the second year of this pilot programme we are enabling:

Along with providing the above tools for young people and school staff, Anglo American staff can now access online reporting data, reflecting the same data set that we use in the Children’s University State of the Nation Report.

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Goldsmiths Company Charity

On receiving our grant of £25,000, awarded by the Education Committee of the Goldsmiths Company Charity for the period April 2023 to March 2024, we have focussed on the further development of bringing Children’s University to specific areas of interest, as identified by Goldsmiths. The funding has enabled us to:

Education Partnership (EPP) with National Citizen Service Trust (NCS) and Duke of Edinburgh (DofE) Award.

In December 2023, The DofE and NCS Trust commissioned Children’s University to undertake 1 of 14 Enrichment Partnership Pilots across the Northwest, North East and East of the UK. With funding awarded and in partnership with Sefton Children’s University partner (led by Elevate EBP), we launched our North West based pilot with the aims to deliver the following key objectives:

With support from the National Foundation for Education Research we will be collating evidence to:

Children’s University Online

At the end of the 2023/24 financial year over 80,000+ children and young people were using the Trust’s digital platform Children’s University Online, to record their engagement in learning activities beyond the classroom. This signifies a huge increase (of over 100%) in the last year. We maintained engagement with over 1,000+ schools and now have over 22,000+ validated learning activities,

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enabling children and young people to access and participate in them. The Trust continued to deliver Continuous Professional Development (CPD) accredited training in the use of Children’s University Online to local Children’s University Managers across the network and to Children’s University coordinators, school leaders, and teachers in schools. This training provides participants with 5 hours of CPD for their own professional development. In the year we trained 153 individuals - 28 CU Managers and 125 teachers, resulting in achieving 80% of our 188-target set for the year.

Individual Subscriptions

Our individual subscription platform of Children’s University launched in April 2023, with the aim of reaching children who cannot currently access Children’s University through their school or who are homeeducated or in alternative education provision. We have seen a steady growth across the year with almost 500 subscribers. The Trust’s priority for children and young people will always be for them to take part in Children’s University through one of its partners/member organisations where possible, with a personal subscription being a route to access when no other is available - the Trust considers the place-based work of its local Children’s Universities as the ‘gold standard’ that it wants children to benefit from - but it is aware that not all children are able to benefit from this option given that the Trust’s reach is yet unable to extend to all children and young people across the UK. The strategy that continues to underpin the work of the Trust centres on reach and inclusivity and making sure that the charity scales the impact that it has. As a charity, Children’s University therefore has an obligation to do what it can to reach as many young people as possible and make its programme truly inclusive.

Children’s University in Wales

During the 2023/24 financial year Children’s University has continued to grow with a presence in 12 of the 22 Welsh Local Authorities. Our partnerships with Wrexham Glyndwr University, Wrexham and Flintshire Public Service Boards, Bangor University and South East Wales Education Achievement Service remain integral to bringing Children’s University to children living in Wales. A research study produced in the Summer of 2023 confirmed “Children’s University as a key project within the Civic Mission of Wrexham University, with the central aim to work with partners to help end social inequality across the region by 2030.”

Children’s University in Scotland

Since our registration with OSCR, we have worked in partnership with the Machan Trust to bring the offer of Children’s University into the area of Larkhall for 50 primary school aged children – Larkhall in South Lanarkshire, is ranked as one of the highest areas experiencing inequalities around health, education and employment opportunities. In October 2023, we become a member of the Awards Network – As a network we work together to develop and promote non-formal learning opportunities for young people. We raise awareness of the range and impact of awards accrediting learning and achievements of young people aged 10 to 25yrs.

Advocacy

During this period Children’s University Trust continued to advocate on behalf of its members and beneficiaries. Key actions included:

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In August 2023 the Children’s University participant ‘Summer Survey’ was run for the second time. This survey is the tool with which we gauge the Trust’s success at working towards its organisational objectives for children and to gather any other insights children and young people wished to share about Children’s University. Over 460 children responded to the online survey and when asked how much they felt the desired outcomes applied to them, results were overwhelmingly positive with between 59% and 88% of respondents saying that they either agreed or strongly agreed that the statements reflected how they felt:

Through Children’s University 94% of children surveyed told us their skills had improved in the following areas:

In addition, the Trust received the following comments* among others:

“It’s always important to help lead a team in football. We worked hard together and encouraged each other throughout the games and training. I was able to support other members of the team.” “I made up my own piece of music on the guitar which meant that I could use my creativity skills.” “Me and my friend were partners and at first I didn't want to work in a group but now I realise how important it is.”

“My grandad is polish, he is also helping me speak polish, so we use creativity by singing songs to help me remember the words.”

“We help each other to use our creativity, by encouraging each other. Helping each other to come out of our shells if we are shy.”

“I tried my best in Football Club, and I helped score a few goals. I improved by not giving up because the other team was winning and even though we lost a few times, I was still proud.”

*All typos and spelling as per the respondents own.

For the first time, we asked about the barriers to access when it comes to Children’s University activities. Given the cost-of-living crisis this was agreed to be incredibly important for us to gauge and to keep an eye on as a new indicator. 44% of respondents cited cost as a barrier, while 50% cited transport. Children’s University Trust staff, network members and beneficiaries were all interviewed to be featured as a best practice example of organisations offering enrichment links between schools and youth provision. This was part of research put together by NCS Trust and The Duke of Edinburgh’s Award in partnership with The Centre for Education and Youth and UK Youth on education and enrichment. While the final report was awaiting publication at the end of the period covered by this

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statement, Children’s University was confirmed as featuring. Children’s University Manager and Trustee, Natasha Blunt, from the Arthur Terry Learning Partnership MAT was nominated by Children’s University staff as Teacher of the Year at the National School Awards 2023. Natasha won the EdTech award in recognition of her work implementing Children’s University Online (CUO) across the MAT.

We have maintained our focus on 3 aspects of the 12 Levelling Up Missions outlined by the Government which relate to education: raising attainment, improved wellbeing, and pride in place. During the financial year under review, we have continued to develop connections and build new partnerships, resulting in bringing Children’s University activities into 80% of the Levelling Up Intervention Areas.

In November 2023 Children’s University Trust published its third annual State of the Nation Report. These reports are the culmination of an annual research project looking at everything we know about learning beyond the classroom in modern Britain. They are a series of evidence-based reports examining the impact of what goes on beyond the classroom on the lives of children and young people. Based on extensive data collated from our bespoke digital platform, Children's University Online, the aim of the reports is to inform and improve provision by providing educators, policy makers and stakeholders of all kinds with a broad set of insights. Our 2023 reports were informed by data from:

This third report was significant as it represented our analysis of over 1 million hours of participation in learning beyond the classroom since we began publishing our data. This information and the insights contained within these reports remain key to our advocacy work.

Trustee Recruitment

To ensure we maintain a pro-active approach to good succession planning for our Trustee Board, the Trust embarked on a recruitment campaign. We launched this in November 2023 and continued throughout the early months of 2024 to identify and recruit new Trustees. A comprehensive induction programme is offered to all new Trustees and work continues to ensure the Trust maintains a robust plan for the appointment of new board members.

Board Strategic Planning Day

Due to the appointment of a new Chief Executive in January 2024, it was deemed appropriate to move our Board Strategic Planning Day into the Summer of 2024. This will enable the Board and Chief Executive to reflect on successes and challenges to date and to review the strategy for the remaining 2 years between 2024-2026.

Beneficiaries of our services

Children’s University is open to all children from age 5 regardless of their background. However, Children’s University has the greatest impact on children facing forms of disadvantage including low household income so where possible the Trust focuses its activity on reaching children from more disadvantaged backgrounds.

For the participants the Trust has gender data showing there is a 50-50 male-female split. The Trust does

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not directly collect data on Free School Meal (FSM) eligibility or ethnic background of participants. However, looking at public DfE data, Children’s University has a presence in:

2023 Children’s University Reach Data:

==> picture [526 x 209] intentionally omitted <==

----- Start of picture text -----
Percentage of total schools where All of England 4.9%
Children’s University operates
Percentage of total schools where By Region
Children’s University operates
East Midlands 0.7%
East of England 2.5%
Greater London 1.6%
North East 2.8%
South East 0.3%
South West 3.2%
West Midlands 4.7%
Yorkshire & Humber 5.4%
Wales 2.0%
Government Levelling Up Areas Percentage of Government Levelling Up Areas 80.0%
Children’s University operates in
----- End of picture text -----

Financial review

In the 2023/24 financial year, Children’s University Trust received total income of £369,846 compared to £362,356 the previous year. The Trust received 86% (£136,240) of its unrestricted income (£158,864) and 37% of its total income (£369,846) from Children’s University network members by way of membership subscriptions and sales of the Passport to Learning which fund the Trust’s charitable activities in accordance with its stated objectives. This compares to 98% and 45% respectively in the previous year. This year saw an increase in income from membership fees from the previous financial year from £113,999 to £117,442 but a significant decrease in income from passport sales of £18,798 compared to £49,067 in the previous financial year. Merchandise sales remained at a similar level of £2,130 from £2,106 in 2022/23.

Restricted income (in the form of grants) in the period totalled £210,982 and consisted of a new restricted grant of £63,955 from National Citizens Service, and further tranches of existing grants from the Education Endowment Foundation (£139,818) and Anglo American (£7,209). This total restricted grant income compares to £195,989 received in 2022/23.

Staff costs reduced significantly to £195,825 in 2023/24 from £256,904 in the 2022/23 financial year. This was due to a range of factors including: The Evaluation and Quality Manager post ending, our Digital and Inclusion Manager going on Maternity leave and a 4-week period with no Chief Executive salary costs during the transition period between the departing and incoming Chief Executive. Total unrestricted core

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cost expenditure was £138,553 against total expenditure of £367,050 (including expenditure against restricted funds). This compares to total expenditure of £483,479 in the previous financial year. The value of bad debts at year end was £343 on 31[st] March 2024.

The Trust’s key risks throughout the year remained:

To mitigate these risks, the Trust continued to closely monitor its finances (especially cash flow) and to review its risk dashboard monthly.

The Trust’s Board carried out its annual finance policy and governance review in December 2023. This annual review aims to confirm that the charity’s financial reporting is interlinked in terms of budgets, profit and loss, reserves, and cash flow; provides an opinion on whether financial procedures are adequately documented (and followed) for authority matrices on payments and purchase ordering; provides a sense-check that the reporting timetables for monthly, quarterly and annual reporting are adequate and understood by the Chief Executive and employees; and involves a full review of core financial documents, covering how robust they are in terms of audit trails and whether escalation processes and Board reporting are sufficiently described. The review concluded that since the recommendations made in December 2022 the board had:

It was also noted that in November 2023 the Board appointed a new CEO for the Trust, to join in January 2024. This appointment was made with careful consideration of the negative short-term impact of the appointment on the Trust’s financials but with a determination to improve the medium- and longer-term financial health of the Trust.

As part of the Board’s deliberations on Going Concern, temporary adjustment to the Reserves and Cash Policy minima were agreed that would allow the Trust to continue operating so long as it maintained as a minimum solvency.

The review noted that the previous year's report had struck a note of caution, as we were entering a period of quite significant growth in our activities and reach, which was strategically important in terms of the Trust’s aims, but which would inevitably require careful management and oversight over the coming year. The Trust has experienced quite acute challenges particularly towards the year end, requiring the initial future focus to be on survival first and foremost, maintaining solvency to protect

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creditors and employees. Longer term focus must be to build a deliverable strategy under the new CEO that can raise the sustainable levels of commercial income, while the less reliable sources of funding may be used to help build strength in reserves for the future and funding for strategic developments.

The coming year will see the retirement of our current Chair and Deputy Chair, and the current Finance Trustee role will have less than two years to run, so succession planning at Trustee level was noted as crucial to ensure the Trust navigates aways from a position of acute stress to one of long term sustainability and building a charity that is capable of very significantly increasing its reach and moving towards achievement of its strategic aims.

The review confirmed that the financial policies and processes operated by Children’s University Trust are fit for purpose and provide satisfactory assurance to Trustees of the soundness of the financial control framework of the Charity.

Reserves policy

It is the policy of the Trustees of Children’s University Trust to review the charity’s reserves policy normally on a twice-yearly basis taking into account the current financial risks faced by the Trust and plans to achieve future goals. The Trust is committed in normal circumstances to maintaining a minimum level of unrestricted funds, which are free reserves of the charity, sufficient to cover the higher of 3 months running costs (currently c. £48k) and the cost of orderly wind-down (currently c. £21k) while it puts in place strategies to diversify its income base including raising levels of Children’s University membership and increasing fundraising activity. It is expected that any investment from reserves made in the financial year will normally be re-invested from income in the following financial year. The Board approved a temporary adjustment to the CU Reserves and Cash Policy so that from September 2023 to March 2024 the minimum level of Reserves and Cash was effectively the maintenance of solvency, with a target level of at least 1 month of costs, which at this time represented £16k. This was backdated to cover calendar year 2023. For the first half of 2024/25 a minimum level of 3 months costs (£48k) should be maintained. From October 2024 to December 2024 a target level of 2 months costs (£32k) would be set and for the final quarter of 2024/25 we would once again set a minimum level equivalent to the maintenance of solvency, with a target level of 1-month costs. The Board accepts that this is a temporary policy at the most minimum level required and would expect to revert to a long term minimum level of Reserves and Cash of 3 months costs (currently £48k) throughout 2025/26. Unrestricted funds shall be defined as the unrestricted funds as reported in the year end accounts (independently examined or draft) adjusted to reflect the surplus or deficit in the current financial year to date as per the Management Accounts provided by Slade and Cooper. For the purposes of calculating a month’s running costs, the budgeted expenditure for the next 6 months shall normally be the basis of the calculation (adjusting for any known or anticipated costs not yet budgeted). In the interests of prudence, in addition to the foregoing, the current and forecast (over the next 12 months) unrestricted cash balance should in normal circumstances be greater than 3 months’ running costs (again defined as the budgeted costs for the next 3 months (adjusting for any known or anticipated costs not yet budgeted). The temporary adjustment to the reserves policy minima above shall apply equally to the cash policy. Actual and anticipated breaches must be brought to the Board for approval. At each 6 monthly review, the adequacy of this policy shall be compared to the costs of an orderly wind-down. Should reserves be insufficient to cover the costs of an orderly wind-down, a remediation plan must be approved by the board. The Trustees consider this policy as one which will enable the organisation to continue to achieve its charitable objectives and grow for the future, while protecting creditors and employees from the adverse impacts of insolvency.

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The Finance, Audit and Risk Sub-Committee has delegated authority from the Board to set the Reserves Policy (when its meetings are reinstated following a period of the Board dealing with all of its delegated matters) but will advise the Board of changes made.

At 31[st] March 2024 the lowest level of Reserves forecast in the next 12 months was March 2025 (£15K) - This assessment will be updated as part of the Going Concern consideration in September.

Plans for the future

During the financial year under review, we saw our Chief Executive of 8 years, Helen O’Donnell resign in Dec 2023, after eight years and a new Chief Executive, Sonjia Peers join the organisation in January 2024. In the transition period the Trust would like to note and give thanks to Liam Nolan who provided interim executive support in the absence of a Chief Executive.

2024/2025 Objectives:

We continue to work towards our three-year strategy for the period 2023-2026 as set by Trustees in Feb 2023. The Strategy focuses on 4 key strategic pillars. Each pillar has its own ambitious Vision statement. These strategic pillars are:

1. Reach

By 2026, every child and young person in the UK will be able to benefit from Children’s University.

2. Inclusivity

By 2026, every child and young person in the UK will be able to find and participate in a wide range of Children’s University learning activities where they are.

3. Credibility

By 2026, the governments in England, Wales, and Scotland will be acting upon data and insights provided by Children’s University

4. Financial sustainability

By 2026, Children’s University will be receiving significant and sustained investment to develop learning beyond the classroom for all.

These KPIs are measurable and enable the Trust to track its progress under the 4 strategic pillars and against the four key Vision statements. They have been selected as strategic KPIs due to the impact they will have not only on Children’s University Trust but on the children and young people the Trust exists to support. Each key strategic goal is backed up by a set of actions which outline how the Trust will go about its work over the next 3 years.

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Over the next financial period, the KPIs agreed are as follows:

By 2025 :

1. The number of children and young people using Children's University Online will have increased from 83,333 to 116,666 (150,000 by March 2026)

2. Children and young people will be participating in 750,000 hours of Children's University activities per year (1,000,000 by March 2026)

3. Children and young people will be participating in Children's University in more than

4. 80% of all Children's University learning activities will have no cost (85% by March 2026)

5. Unrestricted income will have doubled allowing the Trust to invest in significantly increasing the reach and inclusivity of Children's University.

In order to ensure that the Trust achieves its ambitious strategic priorities in 2024/2025 and through to 2026, it will undertake the following actions:

Reach:

Inclusivity:

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Credibility:

Financial Sustainability:

In addition to the above objectives, we will focus on working with our existing membership to develop further opportunities, for how our individual subscription offer can support work locally and nationally to increase our reach and include those children and young people who are not attending or engaging with school or their wider communities.

Due to the appointment of a new CEO in January 2024, the Board Strategic Planning Day (usually held in February) will take place in September 2024. This will allow the CEO to complete a full and thorough induction, gain a sound understanding of all aspects of the Trust and carry out a comprehensive review of the current strategy with the Trustees.

N.B The number of our learning activities have increased significantly from £13K in 2022/23 to £19K 2023/24 therefore we may need to review this KPI in line with growth of our activities.

Our aspirations for the growth of our unrestricted income were not achieved by March 2024 – This will result in a review of our future aspirations for the growth of our unrestricted income.

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Structure, governance and management

Children’s University Trust is a charitable company limited by guarantee, incorporated on 5[th] December 2006, and registered as a charity in England and Wales on 9[th] March 2007 and in Scotland on 22[nd] March 2023. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

The Board of Trustees of Children’s University Trust remains responsible and accountable for the Charity’s strategic direction and for monitoring the Trust's impact against its Vision, Mission, and Objectives. As guardians of the Trust, all Trustees are equally responsible in law for the Board's actions and decisions. As Directors of the company all Trustees take legal and fiscal responsibility for the funds entrusted to them. The Trustees are responsible for ensuring that the Trust is performing well and is delivering on the charitable objectives for which it was set up, in accordance with its Memorandum and Articles as well as ensuring that goals outlined in its Business Plans are achieved. The full Board of Trustees meets quarterly. There are two sub-committees, the Finance, Audit and Risk Sub-Committee and the Remuneration Committee. These sub-committees have Terms of Reference documents which set out the powers and authority delegated to them.

Due to the limited number of Trustees, Finance Committee meetings have been consolidated into Board agendas. This is expected to continue for the foreseeable future.

Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up. The Trustees are members of the Charity, but this entitles them only to voting rights. The Trustees have no beneficial interest in the Trust. All Trustees give their time voluntarily and receive no benefits from the Charity. Any expenses reclaimed from the Charity are set out in note 11 to the accounts.

Skills and EDI matrix and Trustee recruitment

The Trust has a written procedure for the appointment of Trustees. Candidates may be invited to apply by an existing Trustee or may respond to any advertising process that the Trust Board uses to stimulate interest in a role. During any process of recruitment, the Board appoints a sub-group to make the selection which leads to a recommendation for appointment being made to the next full meeting of the Children’s University Trust Board. The sub-group comprises 3 existing Trustees and the Chief Executive. The Chief Executive does not have a vote. For candidates who are known to at least two existing Trustees, the subgroup may choose to make a recommendation to the Children’s University Trust Board for appointment, but this fast-track process is allowed only on the basis that the individual is already known and their commitment to the Trust’s aims and objectives is clear. For all other shortlisted candidates, an interview with the sub-group is necessary. When new Trustees are appointed, they receive a full induction to the Charity which includes separate meetings with the Chair and the Chief Executive and employees where appropriate. All new Trustees receive a comprehensive briefing on the background, Mission, and Values of the Charity as part of their induction to Children’s University. Trustees engage with beneficiaries, local Children’s University partners and learning providers on a regular basis, for instance, attending graduation ceremonies and at regional Managers’ meetings and conferences. This interaction gives them insight into both the Children’s University network and the impact it has on those involved. Additional and role specific training is offered as and when required to enhance knowledge and satisfy governance requirements.

The Trustees delegate day-to-day management of the Charity to the Chief Executive and employees. The Chief Executive also acts as Company Secretary.

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Related parties and relationships with other organisations

Children’s University Trust maintains a Register of Trustee Interests which is updated on an annual basis. Board members are fully aware that transactions with related parties must be disclosed and recorded in the Charity’s annual accounts. At the start of each Board meeting Trustees are asked to declare any conflicts of interest and the responses are recorded in the minutes of the meeting.

Remuneration policy for key management personnel

Children’s University Trust is committed to ensuring that staff are paid fairly and in a way which ensures that the Charity attracts and retains the right skills to have the greatest impact in delivering its charitable objectives. The Trust’s remuneration policy is based on ensuring that the Chief Executive and employees are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the success of Children’s University. The Remuneration Committee meets once a year and currently consists of the members of the Finance, Audit and Risk Sub-Committee. The Remuneration Committee approves any annual percentage (“cost of living”) increase in the payroll for all staff based upon CPI as of 31 December for the previous calendar year, and backdated, to the 1st of April. Any increase is applied consistently to all staff whether “externally funded” or not, even in the event that the increment is to be borne by the Trust rather than the funding arrangement. Underperformers may be awarded no pay increase, but this must be recorded on a performance improvement plan to remedy performance shortcomings. Awards are notified to staff within two weeks of the Remuneration Committee sitting and applied to salaries as soon as practicable thereafter backdated, if need be, to the effective date. In the event of difficult circumstances or in the event of affordability issues, the Remuneration Committee reserves the right to apply a zero-pay increase in any given year. The default position is that all staff will be awarded a minimum increase for “cost of living” subject to affordability and foreseeable achievement of requisite financial performance of the Trust. Exceptional in-year performance may result in a discretionary, non-pensionable bonus but will not ordinarily result in an increase in base remuneration (beyond any CPI award) to avoid permanent increases to base costs. It is the Committee’s policy not to make in-year adjustments to remuneration other than in exceptional circumstances (e.g., temporary, or permanent change in responsibilities, evidence of market misalignment, retention needs). The Committee determines the remuneration package of the Chief Executive. When setting the 2023/24 financial budget in March 2023, the Board approved a zero-pay increase due to affordability issues following a difficult financial year on the basis that should the forthcoming financial year result in greater financial sustainability, a cost-of-living increase should be applied in recognition of the employee’s efforts during the cost-of-living crisis.

Risk management

The Finance, Audit and Risk Sub-Committee has delegated authority for the ongoing monitoring of risk and in particular financial risk, to ensure that proper risk management is in place, but as noted elsewhere the responsibilities of this Committee are currently fulfilled by the Board. The Charity’s risks are reviewed by the full Board on a quarterly basis via a detailed Risk Register. The Board of Children’s University Trust recognises that it is responsible for risk management and for maintaining a sound system of internal control that supports the achievements of the Charity’s aims and objectives, whilst safeguarding the funds and assets for which it is responsible. Trustees also accept their responsibility for ensuring the risks to which the Charity may be exposed are regularly reviewed and that appropriate steps are taken to mitigate any potential damage that could be caused by those risks. Systems and procedures are in place that are designed to minimise the impact should any of those risks materialise.

17

Children’s University Trust

Trustees’ annual report

for the year ended 31 March 2024

Funds held as custodian trustee on behalf of others

Children’s University Trust did not act as custodian Trustee to any other charity or hold funds as a custodian Trustee during the 2023/24 financial period.

18

Children’s University Trust

Trustees’ annual report

for the year ended 31 March 2024

Statement of responsibilities of the Trustees

The Trustees (who are also directors of Children’s University Trust for the purposes of company law) are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime of the Companies Act 2006.

The Trustees’ annual report has been approved by the Trustees on 18/09/2024 and signed on their behalf by

Jackie Dunne (Chair)

19

Independent examiner’s report

to the members of

Children’s University Trust

I report to the Charity Trustees on my examination of the accounts of the company for the year ended 31[st] March 2024 which are set out on pages 21 to 42.

Responsibilities and basis of report

As the Trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (‘the 2005 Act’), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the Company are not required by charity or company law to be audited and have chosen instead to have an independent examination.

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company’s accounts carried out under section 44 (1) ( c) of the 2005 Act and section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act

Independent examiner's statement

Since the Company is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept as required by section 386 of the 2006 Act and Regulation 4 of the 2006 Accounts Regulations: or

  2. the accounts do not accord with those records with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Catherine Hall FCCA DChA Slade & Cooper Limited Beehive Mill, Jersey Street, Manchester M4 6JG Date: 20 September 2024

20

Children's University Trust

Statement of Financial Activities

(including Income and Expenditure account)

for the year ended 31 March 2024

Unrestricted
funds
Note
£
Income from:
Donations and legacies
3
17,164
Charitable activities:
4
Education
139,344
5
2,130
Investments
6
226
Total income
158,864
Expenditure on:
Charitable activities:
Education
7
138,553
Total expenditure
138,553
20,311
9
20,311
Transfer between funds
-
Net movement in funds for the year
20,311
Reconciliation of funds
Total funds brought forward
31,999
Total funds carried forward
52,310
Other trading activities
Net income/(expenditure) before
net gains/(losses) on
investments
Net income/(expenditure) for the
year		 Restricted
funds
£
-
210,982
-
-
210,982
228,497
228,497
(17,515)
(17,515)
-
(17,515)
45,824
28,309		 Total funds
2024
£
17,164
350,326
2,130
226
369,846
367,050
367,050
2,796
2,796
-
2,796
77,823
80,619		 Total funds
2023
£
348
359,842
2,106
60
362,356
483,479
483,479
(121,123)
(121,123)
-
(121,123)
198,946
77,823

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

A full comparative SOFA is available on the last page of the financial statements.

21

Children's University Trust Company number 6018900

Balance sheet as at 31 March 2024

Note
£
£
Fixed assets
Tangible assets
13
-
Total fixed assets
-
Current assets
Stock
7,853
Debtors
14
32,394
Cash at bank and in hand
15
84,235
Total current assets
124,482
Liabilities
Creditors: amounts falling
due in less than one year
16
(43,863)
Net current assets
80,619
Total assets less current liabilities
80,619
Net assets
80,619
The funds of the charity:
Restricted income funds
17
28,309
Unrestricted income funds
18
52,310
Total charity funds
80,619
2024		 £
£
230
230
3,888
38,755
76,654
119,297
(41,704)
77,593
77,823
77,823
45,824
31,999
77,823
2023		 £
£
230
230
3,888
38,755
76,654
119,297
(41,704)
77,593
77,823
77,823
45,824
31,999
77,823
2023
230
77,593
77,823
77,823
45,824
31,999
77,823

For the year in question, the company was entitled to exemption from an audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These accounts are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and in accordance with FRS102 SORP, and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The notes on pages 24 to 42 form part of these accounts.

Approved by the trustees on 18/09/2024 and signed on their behalf by:

Jackie Dunne (Chair)

Peter Beddows (Treasurer)

22

Children's University Trust

Statement of Cash Flows for the year ending 31 March 2024

Note
2024
£
Cash provided by/(used in) operating activities
22
7,355
Cash flows from investing activities:
Dividends, interest, and rents from investments
226
Cash provided by/(used in) investing activities
226
7,581
Cash and cash equivalents at the beginning of the year
76,654
Cash and cash equivalents at the end of the year
84,235
Increase/(decrease) in cash and cash
equivalents in the year		 2023
£
(197,758)
60
60
(197,698)
274,352
76,654

23

Children's University Trust

Notes to the accounts for the year ended 31 March 2024

1 Accounting policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), second edition - October 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and UK Generally Accepted Accounting Practice.

Children's University Trust meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b Preparation of the accounts on a going concern basis

The Trustees have carefully assessed various factors in concluding that it is appropriate to prepare the financial statements on a going concern basis, as outlined in our Reserves Policy. The Trust experienced financial stresses during the financial year, due to the highly competitive environment for grant funding and uncertainties surrounding future funding opportunities. These challenges are expected to continue into 2024/25.

To address these issues, the Trust’s Reserves Policy is designed to ensure that sufficient resources are maintained to support ongoing charitable activities and to ensure that the survival of the charity is maximised. To this end, temporary adjustments to the Reserves and Cash Policy minima were agreed upon, allowing the Trust to continue its operations as long as a minimum level of solvency is maintained.

We will continue to closely monitor the situation and manage our finances accordingly.

24

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

c Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.

d Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; refer to the trustees’ annual report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

25

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

f Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity.

Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

g Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h Tangible fixed assets

Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:

Fixtures & fittings 3 years
Computer equipment 3 years
Graduation attire 3 years

26

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

i Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

j Stock

Stock is included at the lower of cost or net realisable value. In general, cost is determined on a first in, first out basis. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow moving, and defective stocks. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

k Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

27

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

o Pensions

Employees of the charity are entitled to join a defined contribution ‘money purchase’ scheme. The charity’s contribution is restricted to the contributions disclosed in note 10. There were £740 outstanding contributions at the year end (2023: £516).

The money purchase plan is managed by SMART and the plan invests the contributions made by the employee and employer in an investment fund to build up over the term of the plan a pension fund which is then converted into a pension upon the employee’s normal retirement year age when eligible for a state pension. The total expense ratio of the plan is 0.795%. The trust has no liability beyond making its contributions and paying across the deductions for the employee’s contributions.

2 Legal status of the charity

The charity is a company limited by guarantee registered in England and Wales and has no share capital. The charity is also a registered charity in England and Wales (1118315) and Scotland (SC052423). In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office address is disclosed on page 1.

3 Income from donations and legacies

Current reporting period
Donations
Total
Previous reporting period
Donations
Total		 Unrestricted
£
17,164
17,164
Unrestricted
£
348
348		 Restricted
£
-
-
Restricted
£
-
-		 Total 2024
£
17,164
17,164
Total 2023
£
348
348

28

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

4 Income from charitable activities

Current reporting period
Education Endowment Foundation
Anglo American Woodsmith Programme Fund
National Citizen Service Trust
Conferences and passport sales
Membership fees
Other fees
Total
Previous reporting period
Education Endowment Foundation
SHINE
Anglo American Woodsmith Programme Fund
The Goldsmith's Company Charity
Conferences and passport sales
Membership fees
Other fees
Total		 Unrestricted
£
-
-
-
18,798
117,442
3,104
139,344
Unrestricted
£
-
-
-
-
49,067
113,999
787
163,853		 Restricted
£
139,818
7,209
63,955
-
-
-
210,982
Restricted
£
135,274
5,000
30,715
25,000
-
-
-
195,989		 Total 2024
£
139,818
7,209
63,955
18,798
117,442
3,104
350,326
Total 2023
£
135,274
5,000
30,715
25,000
49,067
113,999
787
359,842

29

Notes to the accounts for the year ended 31 March 2024 (continued)

Children's University Trust

5 Income from other trading activities

2024
£
Merchandise sales
2,130
2,130
All income from other trading activities is unrestricted.
6
Investment income
Current reporting period
Unrestricted
£
Income from bank deposits
226
226
Previous reporting period
Unrestricted
£
Income from bank deposits
60
60		 2023
£
2,106
2,106
Restricted
£
-
-
Restricted
£
-
-		 2024
£
226
226
2023
£
60
60

30

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

7 Analysis of expenditure on charitable activities

Current reporting period
Staff costs
Staff expenses
Conferences, meetings, training
Premises
Passports
Online Hosting
Administration
Website
Project costs
Bad debts
Depreciation
Bookkeeping
Governance costs (see note 8)		 Education
£
195,825
2,600
119
2,850
4,219
18,607
42,781
120
87,443
343
230
7,920
3,993
367,050		 Total 2024
£
195,825
2,600
119
2,850
4,219
18,607
42,781
120
87,443
343
230
7,920
3,993
367,050

31

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

7 Analysis of expenditure on charitable activities (continued)

Previous reporting period
Staff costs
Staff expenses
Conferences, meetings, training
Premises
Passports
Online Hosting
Administration
Website
Project costs
Bad debts
Depreciation
Bookkeeping
Governance costs (see note 8)
Restricted expenditure
Unrestricted expenditure		 Education
£
256,904
4,071
2,593
15,073
18,031
17,173
34,410
60
113,957
537
1,005
8,136
11,529
483,479
2024
£
228,497
138,553
367,050		 Total 2023
£
256,904
4,071
2,593
15,073
18,031
17,173
34,410
60
113,957
537
1,005
8,136
11,529
483,479
2023
£
238,379
245,100
483,479

32

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

8 Analysis of governance and support costs

Current reporting period
Basis of
apportionment
Trustee travel & other exps
Governance
Independent Examiner fees
Governance
Accountancy services
Governance
Legal and professional
Governance
Previous reporting period
Basis of
apportionment
Trustee travel & other exps
Governance
Independent Examiner fees
Governance
Accountancy services
Governance
Legal and professional
Governance
Net income/(expenditure) for the year
This is stated after charging/(crediting):
Depreciation
Independent Examiner fees (net of VAT)
Bookkeeping, training and other fees
Accountancy fees
Independent examination		 Governance
£
251
2,040
1,360
342
3,993
Governance
£
205
1,944
1,356
8,024
11,529
2024
£
230
6,600
1,133
1,700		 Total 2024
£
251
2,040
1,360
342
3,993
Total 2023
£
205
1,944
1,356
8,024
11,529
2023
£
1,005
6,780
1,130
1,620

9 Net income/(expenditure) for the year

33

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

10 Staff costs

Staff costs during the year were as follows:

Wages and salaries
Social security costs
Pension costs		 2024
£
165,337
13,493
16,995
195,825		 2023
£
217,796
20,036
19,072
256,904

No employee has employee benefits in excess of £60,000 in the year. (2023: One, between £70,000 and £80,000).

The average number of staff employed during the period was 4 (2023: 5). The key management personnel of the charity comprise the Trustees and the Chief Executive Officer.

The total employee benefits (includes gross pay, benefits paid, employer pension contributions and employer national insurance contributions) of the key management personnel of the charity were £77,401 (2023: £84,898).

11 Trustee remuneration and expenses, and related party transactions

Neither the management committee nor any persons connected with them received any remuneration or reimbursed expenses during the year (2023: Nil).

One (2023: two) member of the management committee received travel and subsistence expenses during the year totalling £251 (2023: £205).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

No Trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity, including guarantees, during the year (2023: nil).

34

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

12 Corporation tax

The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

13 Fixed assets: tangible assets

Cost
Additions
Depreciation
Charge for the year
Net book value
At 1 April 2023
At 31 March 2023
At 31 March 2024
At 1 April 2023
At 31 March 2024
At 31 March 2024		 Computer
equipment
£
6,277
-
6,277
6,047
230
6,277
-
230		 Graduation
attire
£
948
-
948
948
-
948
-
-		 £
7,225
-
7,225
6,995
230
7,225
-
230
Total

35

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

14
Debtors
2024
£
Grants receivable
-
Trade debtors
1,515
Other debtors
26,717
Prepayments and accrued income
4,162
32,394
15
Cash at bank and in hand
2024
£
Short term deposits
7,571
Cash at bank and on hand
76,664
84,235
16
Creditors: amounts falling due within one year
2024
£
Trade creditors
15,415
Other creditors and accruals
28,448
43,863		 2023
£
25,000
2,395
1,850
9,510
38,755
2023
£
27,345
49,309
76,654
2023
£
4,428
37,276
41,704

36

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

17 Analysis of movements in restricted funds

PSTT
Total
Big Change
PSTT
Total
Education
Endowment
Foundation
SHINE
The Goldsmith's
Company Charity
The Goldsmith's
Company Charity
Garfield Weston
Foundation
Anglo American
Woodsmith
Programme Fund
Current reporting
period
Education
Endowment
Foundation
Previous
reporting period
Anglo American
Woodsmith
Programme Fund
National Citizen
Service Trust		 Balance at
1 April
2023
£
18,729
2,095
-
25,000
-
45,824
Balance
at 1 April
2022
£
15,336
48,246
6,900
2,920
-
-
-
73,402
 Income
£
139,818
-
7,209
-
63,955
210,982
Income
£
-
135,274
-
-
5,000
30,715
25,000
195,989		 Expenditure
£
(158,547)
(2,095)
(7,209)
(25,000)
(35,646)
(228,497)
Expenditure
£
(15,336)
(179,603)
(6,900)
(825)
(5,000)
(30,715)
-
(238,379)		 Transfers
£
-
-
-
-
-
-
Transfers
£
-
14,812
-
-
-
-
-
14,812		 Balance at
31 March
2024
£
-
-
-
-
28,309
28,309
Balance at
31 March
2023
£
-
18,729
-
2,095
-
-
25,000
45,824

37

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

17 Analysis of movements in restricted funds (continued)

Name of restricted fund Description, nature and purposes of the fund

Education Funds to deliver a 2-year effectiveness trial and evaluation. This Endowment effectiveness trial involved 164 schools. The evaluation is due to be Foundation published in the Autumn of 2024 and will add to previous evidence to understand if Children’s University is effective in raising attainment and non-cognitive outcomes in other schools. Anglo American Funding to pilot a re-branded and re-developed platform for recording Woodsmith and celebrating children and young people’s engagement in learning Programme Fund beyond the classroom as part of the Woodsmith Education Programme. The Goldsmith's A one-year grant of £25,000 in order to give children facing Company Charity disadvantage free access to the Children’s University programme with a focus on children from Scotland, Crewe, Blackpool, and the North East. National Citizen A one year and 3 months funding award of £119,901 to run 1 of 14 Service Trust Enrichment Partnership Pilots and to be evaluated by the National Foundation of Education Research, showcasing examples of innovative and effective practice, common themes of good practice and the impact on a range of outcomes for young people at secondary school.

38

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

18 Analysis of movement in unrestricted funds

General fund
Current reporting
period
Previous
reporting period
Name of
unrestricted fund
General fund
General fund		 Balance
at 1 April
2023
Income
Expenditure
Transfers
£
£
£
£
31,999
158,864
(138,553)
-
31,999
158,864
(138,553)
-
Balance
at 1 April
2022
Income
Expenditure
Transfers
£
£
£
£
125,544
166,367
(245,100)
(14,812)
125,544
166,367
(245,100)
(14,812)
Description, nature and purposes of the fund
The free reserves after allowing for all designated funds
 As at 31
March 2024
£
52,310
52,310
As at 31
March
2023
£
31,999
31,999

39

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

19 Analysis of net assets between funds

Current reporting period
Tangible fixed assets
Net current assets/(liabilities)
Total
Previous reporting period
Tangible fixed assets
Net current assets/(liabilities)
Total		 General
fund
£
-
52,310
52,310
General
fund
£
230
31,769
31,999		 Designated
funds
£
-
-
-
Designated
funds
£
-
-
-		 Restricted
funds
£
-
28,309
28,309
Restricted
funds
£
-
45,824
45,824		 Total
£
-
80,619
80,619
Total
£
230
77,593
77,823

40

Children's University Trust

Notes to the accounts for the year ended 31 March 2024 (continued)

20 Operating lease and capital commitments

There were no operating lease and capital commitments as at 31st March 2024. In the 2020/2021 financial year, the Trust contracted the design and build of new functionality within CU Online to enable an individual subscription model (total cost £46,200). The Trust committed and spent £11,550 on this work in the 2023/24 financial year.

21 Post balance sheet events

The Board considered both adjusting/non-adjusting events occurring after 31st March 2024, and there were no events to report in the 2023/24 accounts.

An additional obligation to make payments to control group schools in the EEF trial (i.e. those schools which did not take part in CU activities) was identified after 31st March 2023. This was considered by the Board to be an adjusting Post Balance Sheet event and an allowance of £29,625 was incorporated into the 2022/23 accounts.

22 Reconciliation of net movement in funds to net cash flow from operating activities

Net income/(expenditure) for the year
Adjustments for:
Depreciation charge
Dividends, interest and rents from investments
Decrease/(increase) in stock
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating		 2024
£
2,796
230
(226)
(3,965)
6,361
2,159
7,355		 2023
£
(121,123)
1,005
(60)
5,437
2,979
(85,996)
(197,758)

41

Children's University Trust

23 Prior year Statement of Financial Activities (including Income and Expenditure account)

Notes to the accounts for the year ended 31 March 2024 (continued)

Unrestricted
funds
Note
£
Income from:
Donations and legacies
3
348
Charitable activities:
4
Education
163,853
5
2,106
Investments
6
60
Total income
166,367
Expenditure on:
Charitable activities:
Education
7
245,100
Total expenditure
245,100
(78,733)
10
(78,733)
Transfer between funds
(14,812)
Net movement in funds for the year
(93,545)
Reconciliation of funds
Total funds brought forward
125,544
Total funds carried forward
31,999
Net income/(expenditure) for the
year
Other trading activities
Net income/(expenditure) before
net gains/(losses) on
investments		 Restricted
funds
£
-
195,989
-
-
195,989
238,379
238,379
(42,390)
(42,390)
14,812
(27,578)
73,402
45,824		 Total funds
2023
£
348
359,842
2,106
60
362,356
483,479
483,479
(121,123)
(121,123)
-
(121,123)
198,946
77,823		 Total funds
2022
£
2,512
591,512
1,914
37
595,975
522,811
522,811
73,164
73,164
-
73,164
125,782
198,946

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

42